Today, businesses of all sizes must be mindful of their compliance with the Affordable Care Act (ACA). This law requires that employers provide health care coverage to their employees or face penalties. It is essential to understand the requirements and how to adhere to them to avoid these costly penalties.
Selerix can help businesses stay compliant and take the hassle out of managing their ACA responsibilities. Our comprehensive ACA solution makes it painless to track and report employee health coverage data. We also provide an integrated system that allows companies to create, store, and distribute ACA-related documents such as Form 1095-C. Schedule a free demo today to see our solution!
Quick Background on ACA
The ACA, often known as “Obamacare,” is a healthcare reform law passed by Congress in March 2010. It requires employers that have had 50 or more full-time employees on average in the previous year to provide health coverage to those employees or face a penalty. Employers with fewer than 50 employees are not required to provide health coverage, but they must still comply with other aspects of the ACA, such as filing Form 1095-C and Form 1094-C.
The penalty for non-compliance with the ACA can be costly. Organizations may be subject to penalties of up to $3,000 per employee if they fail to provide minimum essential coverage (MEC) to their employees or if their coverage is not considered affordable or adequate. Additionally, employers must file Form 1095-C and Form 1094-C with the IRS to show proof of coverage.
Why It Makes Sense to Outsource ACA Compliance Management to Your Benefits Administration Provider
Aside from saving time and money, outsourcing your ACA compliance services to an experienced provider can help ensure your business complies with all regulations and avoids costly penalties. Not only should an experienced provider manage your ACA, but it really makes sense for your benefits administration provider to manage your ACA. Here are a few more benefits/reasons it makes sense to delegate this essential service:
- Peace of mind. A benefits administration provider can help ensure that your organization meets all the requirements of the ACA, such as filing Form 1095-C and Form 1094-C. Further, they provide guidance on critical issues, e.g., how to calculate full-time equivalent employees (FTEs) and how to determine the affordability of health coverage.
- Stay up to date. Regulations related to the ACA are constantly changing, and your benefits administration provider can help you stay current on these changes. They will also inform you of new requirements and advise you on how to comply with them.
- Integration. Most benefits administration providers will be able to integrate employee benefits information with ACA filing, eliminating the need for data dumps, manual entry, and spreadsheets.
What’s So Great About Selerix’s ACA Compliance Services
Selerix offers a comprehensive ben admin solution that includes ACA compliance. We have the expertise and resources needed to help you confidently manage ACA compliance tasks such as tracking employee health coverage data, filing Form 1095-C and Form 1094-C with the IRS, and providing employees with their required notices.
Here are a few characteristics that make our ACA compliance services unique:
- Quarterly client reviews on the health of your ACA data
- Automated 1095-C code population and convenient electronic IRS submission
- Expert team ready to help with challenging situations such as life events, new hires, terminations, re-hires, and part-time variable employees
- Real-time insights into tracking workforce eligibility
- Hands-on assistance to resolve errors from current and prior years
Contact Selerix Today
Employers always want to keep their employees motivated and happy. And what better way to achieve this than by providing them with quality health coverage as required by the ACA? To ensure you remain compliant, it’s best to delegate this responsibility to a benefits administration provider like Selerix. Our comprehensive ACA platform and services offer an easy, cost-effective way to ensure your organization meets all regulatory requirements and avoids costly penalties.
Beyond ACA compliance, our benefits administration solution offers superior technology, best-in-class service, rich features, and outstanding system flexibility. Contact us today to learn more about how our all-in-one ben admin platform can transform your organization!